'Will house prices crash in 2008?' Poll Results & Discussion

jenni1188

RICS Reckon it will drop 10%

Davesnave

Time to sell up and rent?

Only if you have/want to move anyway. You have to decide if you are 'nesting' or 'investing.' If it's the latter then, yes, if the other family members agree, it is more than likely you'll sell higher now & buy lower in a year or two.

In my case, I'm looking for something a bit unusual, so the current situation is an improvement. I can afford to sit in rented & wait for it to show up, whereas a year ago I'd have been worried sick about stepping off the ladder even for 6 months. Mind you, with no work worthy of the name, the prospect of sitting around 'enjoying myself' for a year or more doesn't bear thinking about! I'm a nester and so the quicker I can get on with it the better.

James240

i hope they drop dramatically im on £23,000 a year and i cant afford to buy nothing at the moment by the end of 2009 im hoping to have at least between £15-20K in savings but i feel even then i will find it impossible to get a foot on the property ladder

loueyn

rsooty wrote: »

mortgage companies have realized how hard it is for first time buyers and have introduced other ways for people to get on the property ladder, these include 50% shares on property, 110% mortgages
Sooty

Mortgage companies seem to be making it harder now for buyers to get on the bottom rung of the ladder

http://news.bbc.co.uk/1/hi/business/7328031.stm

as a potential first time buyer with a big deposit I've decided to wait it out for a few months carry on saving my pennies and see what happens. Falling prices for me would be absolutely fantastic as I'm not prepared to pay what I consider to be over the odds for a house that isn't even big enough for me to raise a family in (I'm 27 so that is now becoming important to me).

I'm not sure if you've seen this but I also regularly check this site for falling property prices.

http://www.propertysnake.co.uk/

John_Pierpoint

James240 wrote: »

i hope they drop dramatically im on £23,000 a year and i cant afford to buy nothing at the moment by the end of 2009 im hoping to have at least between £15-20K in savings but i feel even then i will find it impossible to get a foot on the property ladder

During a property boom, the actual cost of building a house does not go up that much.
During a property slump there is a small fall in labour and material costs, so where is the money going? Some into excess profits (ie flash holidays, cars etc.)
BUT
It is the underlying land value that goes up and down like a yo yo, so you might have enough money to buy a ("difficult") site or buy a wreck and make up the difference with your own labour ?